Energean’s chief executive, Mathios Rigas, said on Wednesday that the oil and gas company’s UK North Sea assets would be better suited in the hands of another owner.
The London-listed firm has stakes in mature UK North Sea fields that together produce about 1,000 barrels of oil equivalent per day. In a company presentation, Energean disclosed tax loss carryforwards tied to those assets amounting to £715 million ($968 million).
Rigas said the tax losses could be attractive to a larger operator in the basin because such a party could potentially apply the losses against a higher level of production to lower their tax burden. He indicated that buyers who could exploit those tax attributes may emerge, particularly as BP is actively seeking a purchaser for its UK North Sea portfolio.
Speaking to Reuters, Rigas reiterated that Energean currently has no active discussions to divest its UK assets. He framed the situation as one in which a different owner might extract greater value from the assets through scale and tax planning.
Plans outside the UK
While commenting on the company 's portfolio, Rigas outlined expansion priorities in other regions.
In Israel, Energean's team is working to unlock additional oil resources offshore and is participating in the country's licensing round to secure further acreage. The company is also seeking partners for exploration drilling near Egypt's Abu Qir, a pursuit described by Energean's chief financial officer.
Angola remains of interest to Energean, Rigas said, but only under conditions where Energean would either operate the assets itself or collaborate with partners who possess equal or greater operating capabilities. He added that Energean is actively evaluating opportunities in additional West African countries beyond Angola.
Legal timeline
Rigas also provided an update on Energean's dispute with ENI over the Cassiopeia matter, saying arbitration hearings are expected to commence in the first half of 2027.
The company 's comments came amid market attention on UK North Sea consolidation and tax-loss monetization, though Energean remains focused on development and selective exploration outside the UK.